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SBI Life - Smart Women Advantage Plan

What is the Plan all About?

SBI Life - Smart Women Advantage is an individual traditional participating Endowment Plan that helps you turn your dreams into reality. This endowment plan helps you achieve long term financial goals. This plan provides life cover plus savings plus critical illness cover.

Two variants can be opted under this plan:

  • Gold Plan- Death & Female specific critical illnesses are covered.
  • Platinum Plan- Death & specific critical illnesses are covered.

One of these two variants can be opted at the inception of the policy and it cannot be changed during the policy term.

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What are the Key Features?

  • Maturity benefit
  • Life cover
  • Critical illness benefit
  • In-built Premium waiver benefit
  • Choose additional protection by rider
  • Flexibility to choose death cover & critical illness cover
  • High sum assured rebate
  • Avail policy loan
  • Get tax benefit

What are the Plan Benefits?

Death Benefit

    In case of death of the life insured during the term of the policy, the death benefit payable is higher of Sum Assured on Death plus vested simple reversionary bonuses plus terminal bonus or 105% of the total premiums paid. Sum Assured on Death is higher of the guaranteed sum assured on maturity, absolute amount assured to be paid on death, or 10 times of annualized premium.

    The policy gets terminated after payment of death benefit.

Maturity Benefit

    On your survival till the end of the policy, Basic Sum Assured plus vested simple reversionary bonuses plus terminal bonus.

Critical Illness (CI) Benefit

    At the minor stage/major stage/advanced stage of CI, 25%/100%/150% of CI sum assured is payable. For major and advanced stage, the benefit payable is deducted by an amount paid previously towards CI claims.

    CI sum assured= Sum Assured Multiplicative Factor * Guaranteed Sum Assured on Maturity

    The critical illness benefit is payable on survival after 30 days following the date of diagnosis of the covered critical illness. There is a waiting period of 90 days from the date of commencement of risk and a waiting period of 180 days from the date of policy issuance for an early stage cancer.

Premium Waiver Benefit

    When a claim under major stage CI is accepted, all the future premiums are waived including the rider premium for rest of the policy term from the date of diagnosis.

Bonus

    Simple Reversionary Bonuses is declared as a percentage of the basic sum assured. This bonus is declared on the long term view of investment returns, mortality, expenses, and other factors. Future bonuses are non-guaranteed and it depends on future profits. Terminal Bonus is paid at maturity, surrender, or death, whichever occurs earlier.

Loan Benefit

    The loan amount that can be availed under this policy is 90% of the surrender value.

Surrender Value

    Surrender Value becomes payable on payment of premium for at least three full policy years. Surrender Value is higher of Special Surrender Value or Guaranteed Surrender Value.

Tax Benefit

    You are eligible to avail tax exemptions are per the applicable tax laws under the Income Tax Act, 1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 18 Years 50 Years (35 Years For APC & CA Option)
Age at Maturity - 60 Years (45 Years For APC & CA Option)
Policy Tenure 10 Years 15 Years
Premium Paying Term Equal To The Policy Tenure -
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount Rs 15000 (annually), Rs 7500 (semi Annually), Rs 4000 (quarterly), Rs 1500 (monthly) Based On The Sum Assured
Sum Assured Rs 2 Lacs Rs 10 Lacs
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days For Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Additional Pregnancy Complication and Congenital Anomalies (APC & CA) option can be availed, on payment of additional premium (as applicable).

How the Plan Works?

Let’s understand the plan with the help of below illustrated example.

Mrs. Riya at 30 years, wants to buy a plan that provides both savings and protection. He opts to buy SBI Life - Smart Women Advantage with the policy term of 10 years and the basic sum assured of Rs 2 Lacs. He opts gold plan with SAMF opted is 2 times and CI sum assured is 4 Lacs.

Scenario A: Riya Survives through the Policy Term

If Mrs. Riya survives till the end of the policy term, Rs 2 Lacs plus vested simple reversionary bonuses plus terminal bonus is payable. The maturity benefit can be used to build wealth, so you can fulfill your long term financial goals.

Scenario B: Riya dies during the Policy Term

In the event of demise of Mrs. Riya during any policy year, Rs 2 Lacs plus vested simple reversionary bonuses plus terminal bonus or 105% of the total premiums paid is payable as the death benefit to the nominee. This payout provides financial security for the family.

Scenario C: On Diagnosis of a Critical Illness

At the minor stage/major stage/advanced stage of CI, 25%/100%/150% of CI sum assured is payable.